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HarborOne Bancorp Receives Regulatory Approvals to Acquire Coastway Bancorp for USD 125.6m
Friday 14 September 2018

14 September 2018 - Massachusetts, US-based financial institution HarborOne Bancorp, Inc. (NASDAQ: HONE) has received the requisite regulatory approvals from the board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corp., the Massachusetts Division of Banks and the Rhode Island Department of Business Regulation necessary to complete the acquisition of Rhode Island, US-based Coastway Bancorp, Inc. (NASDAQ: CWAY) in an all cash transaction valued at approximately USD 125.6m, the company said.

Coastway stockholders will receive USD 28.25 for each share of Coastway common stock. The transaction has been unanimously approved by the boards of directors of both companies.

The combined company will be the 12th largest publicly traded New England community bank based on total assets, with 65 locations serving individuals and business across Massachusetts, Rhode Island, New Hampshire and Maine.

HarborOne Bancorp said Coastway's established position provides a natural extension of the company's Commercial Lending business in Rhode Island.

The acquisition expands HarborOne's footprint and grows its brand.

HarborOne Bancorp, Inc. is the holding company for HarborOne Bank that serves the financial needs of consumers, businesses, and municipalities throughout Southeastern Massachusetts through a network of 14 full-service branches, two limited service branches, a commercial loan office, a residential lending office, and also provides a range of educational services through HarborOne U, with classes on small business, financial literacy and personal enrichment.

Coastway, the holding company of Coastway Community Bank, has nine branches in the greater Providence area, as well as three mortgage lending offices. Coastway has USD 739m in assets and deposits of USD 477m as of December 31, 2017.

FIG Partners acted as financial advisor to HarborOne and Goodwin Procter LLP acted as its legal advisor. Sandler O'Neill and Partners, L.P. acted as financial advisor to Coastway and Luse Gorman, PC acted as its legal advisor.
Date Published: 14/09/2018
Target: Coastway Bancorp
Country: USA
Deal Size: 125.6m (USD)
Sector: Banking/Financial Services
Type: Corporate acquisition
Financing: Cash
Status: Agreed
Buyer: HarborOne Bancorp
Buyer Advisor: FIG Partners , Goodwin Procter